The City Council today approved Mayor Rahm Emanuel’s 2016 budget plan that , to cover the pensions of Chicago police officers and firefighters while trying to close the huge black hole of financial dread.
“Four years ago we began charting a new course for Chicago’s future and with today’s vote we took a big step toward finally finishing the job,” said Mayor Emanuel. “I want to thank the members of the Council who voted to take decisive and determined action to right our financial ship and put progress ahead of politics. We have a lot more work to do and I look forward to continuing working together to create jobs and ensure that economic opportunities reach every neighborhood of Chicago.”
Most of the Black Alderman approved the Mayor’s budget with a vote of 35-15. City Council’s approval of the budget ends years of kicking the can down the road and ensures the pensions of police and firefighters are stabilized and funded.
In the hopes of Springfield’s approval, the property tax burden is borne by those who can best afford it which means property that is valued over $250,000 will bear the heavier burden. The City Council authorized a doubling of the homeowners’ exemption from $7,000 to $14,000. Mayor Emanuel is working on approval of a bill in Springfield that will finalize the increase. Let’s hope that Governor Rauner pushes this through for his friend.
“With the doubling of the homestead exemption that’s contained in this budget, the most vulnerable residents of our city will be protected,” said Mayor Emanuel. “Now, it’s up to Springfield to do its part, and we will continue working hard to make that happen.”
The doubling of the homeowners’ exemption passed the Illinois House Revenue Committee earlier this month and will be considered by the full House next month.
The budget includes $170 million in savings and reforms, bringing the total saved over the past five years to $600 million.
The 2016 budget goes into effect January 1, 2016. The full budget can be viewed at www.cityofchicago.org/obm.
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